The Research About The Effect Of Institutional Investors' Shareholding On Cash Dividend Distribution

With the rapid development of global capital market,the concept of "value investing" prevails.Institutional investors from the aspects such as personnel,assets and information advantages,professional and rational investment.The stock market in the 50 s of the twentieth century,the western developed countries began to gradually "take small investors out",instead of all kinds of institutions.In the 90 s,the rise of "shareholder activism" having advocacy of institutional investor actively participating in corporate governance,to implement the asset manager of faith obligations,since then the global corporate governance movement.In this kind of drive wave,"extraordinary,cultivating and developing institutional investors"creatively by the Chinese government mentioned the strategic position.As a important means to promote the development of securities market in our country,cultivate and strengthen institutional investors,especially value institutional investors,both in terms of prompt healthy development of capital market,and protect the interests of small and medium-sized investors,or promote the listed company governance mechanism perfect,etc all have important significance.Cash dividend problem is a difficult problem for China capital market,listed companies will to share out bonus is weak,and lack of relevant market restraint mechanism.Although the supervisor certificate carried out half a mandatory means of share out bonus,but "take temporary solution not effect a permanent cure",and can't improve the corporate governance from the root of endogenous power.This article from the influence of institutional investors holding to the cash dividend distribution,examine the right effect of institutional investors participating in corporate governance.Do institutional investors can really as advocates wish to perform"shareholder activism"?Actively participating in corporate governance influence cash dividend policy?Based on the 2009-2015 in both Shanghai and Shenzhen a-share listed companies as samples,if A cash dividend per share and cash dividend to depict level of cash dividend distribution of listed companies and probability,to verify whether the institutional investors holding can promote the enterprise of cash dividend distribution.This article first to explain institutional investors and related concepts of cash dividend policy,then review of institutional investors participating in corporate governance,affect the dividend policy and institutional investors heterogeneity relevant literature.Next,based on the theory of signal transmission,free cash flow hypothesis and the indemnification hypothesis,analysis of institutional investors holding for the effect of cash dividend distribution,thus put forward the hypothesis in this paper;Finally,the author in search of the 2009-2015 a-share listed companies in our country,on the basis of the data for this article assumes that the empirical test,through the statistical analysis of the results of the regression and the research conclusion of this paper.In conclusion,this article from the perspective of empirical analysis of the influence of institutional investors holding the cash dividend distribution:one is by the invested entity with the institutional investors according to whether there is a business relationship can be divided into pressure resistance type and pressure sensitive type,investigates the institutional investors heterogeneity among institutional investors participating in corporate governance performance,enrich the literature research of institutional investors;On the other hand,consider the influence of marketization degree for institutional investors participating in corporate governance,added to the marketization process of related research literature,institutional factors account for the research of corporate governance provides a new perspective.This paper studies have shown that overall institutional investors holding does not significantly affect the cash dividend distribution,pressure resistance institutional investors is the true performance of "institutional shareholder activism".Enterprise level of cash dividend distribution and probability and pressure resistance institutional investor shareholding were positively correlated.Among pressure resistance institutional investors,the fund's influence on the level of cash dividend distribution and probability is the most obvious,because funds into the market early and has large scale.In addition,the degree of marketization of institutional investors participating in corporate governance has a certain role,suggests policy system environment,the better,the willingness and ability of institutional investors participating in corporate govemance.Research conclusion of this paper confirms the institutional investors play a important role of corporate governance,for national development of institutional investors to provide new ideas and directions.Article innovations mainly re:flected as follows:first,this paper takes into account the different types of institutional investors in heterogeneous performance among participating in corporate governance,institutional investors can be divided into pressure resistance type and pressure sensitive type.After the conclusion of the pressure resistance institutional investors can affect the cash dividend distribution,examine the three kinds of effects on the cash dividend respectively pressure resistance institutional investors;Secondly,this paper considered the pioneer of marketization process in the institutional investors affect the role of enterprise in the process of the cash dividend distribution,the regional institutional factors into the categories of the study of the corporate governance,and tested the marketization reform to strengthen the significance of corporate governance.